Service procurement solutions help businesses understand and take advantage of the pricing components and fluctuations involved in purchasing services to achieve hard-dollar cost savings and to improve procurement process efficiency, compliance and quality. Founded in 1999, Fieldglass is a leading vendor of such solutions. Global 2000 companies including GlaxoSmithKline and Monsanto use its technology platform, delivered exclusively via the Software-as-a-Service model, to manage the acquisition of its workforce, including contingent workers and service providers, such as offshore or project-based labor.

Headquartered in Chicago with more than 150 employees, Fieldglass is currently on track to be cash flow and net income positive for the fourth consecutive year. With its solution deployed in 63 countries and available in eight languages, Fieldglass’ growth has been driven by three factors that set the firm apart from the rest. Most importantly, Fieldglass helps customers build long-term competitive differentiation in their businesses through a highly optimized services supply chain. “The company is passionately dedicated to client service and support. The years of sustained R&D investments has enabled the company to build a scalable and innovative solution,” says Jai Shekhawat, CEO, Fieldglass.

In August 2009, Fieldglass successfully completed 16 new launches and expansions. One of its new customers included a Fortune 500 healthcare company with approximately 190,000 hiring managers that replaced its existing Vendor Management System (VMS) platform with Fieldglass to acquire both its contingent workforce and project-based services. In addition, an existing Fortune 500 customer for its contingent spend since late 2008 expanded its use of the solution to include its Statements of Work (SOWs) in the U.S., Brazil, Canada, India and the Philippines through its offshore suppliers.

In the future, Fieldglass plans to continue its focus on delivering sustained value to stakeholders in procurement, HR, IT and finance by helping them manage contingent labor and outsourced services. The company also intends to expand its footprint overseas in Europe and in parts of Asia.